Bookie GVC soars 21% before Ladbroke boost

GVC, the gambling giant soon to take control of Ladbrokes Coral, had a record end to the year as its rapid growth continues.

The company, perhaps best known for the Foxy Bingo brand promoted by Hollywood actress Heather Graham, saw revenues up 21% to 280 million (£248 million). That means total revenue for the year should top 1 billion.

Those figures come atop a £4 billion deal in December to take over Ladbrokes Coral, which was already the UK’s biggest bookie.

That deal should provide serious competition for Paddy Power Betfair. GVC chief executive Kenny Alexander said the sales growth reflects “the strength of our brands, technology and the hard work of our talented people. We have once again demonstrated our ability to integrate significant acquisitions, realise material synergies and at the same time deliver topline growth.”

GVC shares rose 14p at 972.5p. Five years ago, they were 230p.

GVC thinks results for the year will be at the “top end” of “internal expectations”. Other brands include partypoker and CasinoClub. The company bought bwin.party digital entertainment in February 2016.

Alexander said the Ladbrokes deal “presents an exciting opportunity for both sets of shareholders, creating a global gaming group with a portfolio of strong brands across all major regulated online markets”.